MIRA INFORM REPORT

 

 

Report Date :

15.07.2014

 

IDENTIFICATION DETAILS

 

Name :

PERCEPT GENERAL TRADING CO LLC

 

 

Registered Office :

Al Masood Tower, Mezzanine Floor, Al Mina Road, Umm Al Taraffa 26475 Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.12.1996

 

 

Com. Reg. No.:

29379

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the import and distribution of timber, fragrances and air care solutions, leather hides and skins, plumbing fixtures, metallic pigments and powders. Subject also provides print and media solutions

 

 

No of Employees :

20

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

D

 

 

UAE ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment

 

Source : CIA

 

 

SUMMARY

 

Company Name                         : PERCEPT GENERAL TRADING CO LLC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 16th December 1996

Commercial Registration Number            : 29379, Sharjah

Trade Licence Number                            : 121526

Chamber Membership Number                : 38989

Issued Capital                                        : UAE Dh 150,000

Paid up Capital                                      : UAE Dh 150,000

Total Workforce                                     : 20

Activities                                               : Distributors of timber, fragrances and air care solutions, leather hides

                                                              and skins, plumbing fixtures, and metallic pigments and powders.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Ms Shree Balsa Siby, Finance Manager

 

 
COMPANY NAME

 

PERCEPT GENERAL TRADING CO LLC

 

 

company ADDRESS

 

Registered & Physical Address

 

Building             : Al Masood Tower, Mezzanine Floor

Street               : Al Mina Road

Area                 : Umm Al Taraffa

 

PO Box             : 26475

 

Town                 : Sharjah

Country             : United Arab Emirates

 

Telephone         : (971-6) 5639535 / 5639536 / 5373990 / 5639545

Facsimile          : (971-6) 5639545 / 5728465

Mobile               : (971-52) 4722392

Email                : pertrade@emirates.net.ae

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Suburban Business Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                                      Nationality                   Position

 

·       Reyaz Malikk Aravite                                                 Indian                            Managing Director

 

·       Kolyatail Mohamed Haydaross Jassim                        Indian                            Director

 

·       Ali Mohamed Abdullah Abdul Kareem                         Emirati                          Director

 

·       Deepak Mondon                                                             -                              General Manager

 

·       Ms Shree Balsa Siby                                                      -                              Finance Manager

 

·       Milderet Joseph                                                              -                              Administration Executive

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th December 1996

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 29379, Sharjah

 

Trade Licence No.       : 121526

 

Chamber Member No. : 38989

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

Name of Shareholder (s)                                          Percentage

 

·       Ali Mohamed Abdullah Abdul Kareem                         51%

 

·       Reyaz Malikk Aravite                                                 25%

 

·       Kolyatail Mohamed Haydaross Jassim                        24%

 

 

AFFILIATED COMPANIES

 

·       Penta Juice LLC

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of timber, fragrances and air care solutions, leather hides and skins, plumbing fixtures, metallic pigments and powders. Subject also provides print and media solutions.

 

Import Countries: Europe, United States of America and Asia

 

International Suppliers:

 

·       Technical Concept                             United Kingdom

·       Silva Trade SA                                  Luxembourg

·       Pessers Hides & Skins B.V               Netherlands

·       Black & Decker                                 United States of America

·       IPL                                                   United States of America

·       Tembec Forest Products                    Canada

·       The Western India Plywoods Ltd         India

·       V Ismail Haji & Co                             India

·       Western India Plywood                      India

·       Pessers Hides & Skins B.V               Netherlands

 

Operating Trend: Steady

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                UAE Dh 32,500,000                   UAE Dh 33,308,027

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Ms Shree Balsa Siby, Finance Manager

 

 

BANKERS

 

·       UAE Exchange Centre

Al Hosn Tower

Al Dhaid

Sharjah

Tel: (971-6) 8829222

Fax: (971-6) 8829111

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 60.00

UK Pound

1

Rs. 102.71

Euro

1

Rs. 81.59

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.